Shanghai International Energy Exchange has released its Circular on Trading Adjustments for the Mid-Autumn Festival and the National Day 2023 as follows:

      In accordance with the Trading Schedule during National Holidays for Year 2023, Shanghai International Energy Exchange (hereinafter referred to as “INE”) hereby notifies the trading adjustments for the Mid-Autumn Festival and the National Day 2023 as follows:

1.   The market will be closed from 3:00 p.m. of September 28, 2023 to October 8, 2023.

      The market will resume trading on October 9, 2023 with the central auction session from 8:55 a.m. to 9:00 a.m. and the continuous trading on the night of that day.

2.   As from the first trading day without the Limit-locked market from September 27, 2023, INE will adjust the price limits and the trading margin rates for the contracts listed below when the daily clearing process begins:

      The price limits of Bonded Copper and TSR20 futures contracts will be ±8% from the settlement price of that day, the trading margin rates for hedging will be 9% of the contract value, and the trading margin rates for speculation will be 10% of the contract value.

      The price limits of Crude Oil and Low Sulfur Fuel Oil futures contracts will be ±10% from the settlement price of that day, the trading margin rates for hedging will be 11% of the contract value, and the trading margin rates for speculation will be 12% of the contract value.

      The price limits of SCFIS (Europe) futures contracts will be ±13% from the settlement price of that day, and the trading margin rates will be 15% of the contract value.

      In the case that the above adjusted trading margin rates and price limits vary from the current ones, the higher ones will prevail.

3.   The market will resume trading on October 9, 2023. As from the first trading day without the Limit-locked market, INE will adjust the price limits and the trading margin rates for the contracts listed below when the daily clearing process begins:

      The price limits and the trading margin rates for all futures contracts will return to their original levels.

      Please refer to the Risk Management Rules of the Shanghai International Energy Exchange for implementing other provisions concerning the trading margins and the price limits.

      All Members and Overseas Special Participants shall manage risks in a sound manner to ensure the smooth functioning of the market.

      In the event of any inconsistency between the Chinese version and English translation, the Chinese version shall prevail.

      Appendix: The Adjustment of Trading Margin Rates and Price Limits of Futures Contracts for the Mid-Autumn Festival and the National Day 2023

Shanghai International Energy Exchange
September 22, 2023